Planning For Later Life 

What lies ahead?

During my insurance career I came across a number of people who looked forward to retirement from a very early age and yet, when they did retire, were very unhappy in the first 2 years, or died within 6 months, presumably through boredom. We work hard throughout our careers, hopefully enjoying it (if not get in touch with me regarding career coaching!) so isn’t it a good idea to plan for a significant change in our life/working arrangements when we retire? 

Most of us have stages when we feel “stuck” and it is quite normal to go through phases like this and have feelings like these. For some, facing retirement, planning your finances and future can be daunting, intimidating and just plain scary.

The good news there is a lot of good information out there on planning your retirement including:

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Steps to planning a successful retirement

Are you going to be a:

Cliff edger – working full-time right up to retirement. This can be a little scary. When my wife did this, she ensured she finished the projects she was working on, carried out a structured handover and left  at the end of year so she could gain her own closure at an enjoyable time of year and achieve the objectives she had set herself.

Part-timer – gradually reducing the hours you work as retirement approaches. This often involves going from a 4-day and then to a 3-day week over a spell of years. It gives you time to try out some of the new hobbies or other type of work you might want to do

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Wind-downer – gradually increasing the amount of holiday you take. I know somebody who is doing this and from this summer, will only be working 30 days until the end of the year. It is OK for some!

Re-inventor – finishing one career and starting another. This is what I have done but over a measured period of time. My previous contacts had to get used to me being a listening coach rather than a driven sales manager.

Open-ender – no commitment to retire. I have met many business owners who have done this and are as “sharp as a tack” in their 80’s

Or a combination of the above? (I have been a combination of all of this except for a wind downer having a portfolio career for 9 years and now I purely focus on coaching which wasn’t what I did during my corporate career)

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Reflect 

It is important to stop and reflect and maybe the following questions may help you or you can visit my questionnaire on my website link to be added

What do you enjoy doing?

What does your partner enjoy doing?

What will you enjoy doing together?

How will you create space for each other?

What other pressures or demands may you have (e.g. family)?

How will you go from a full-time working life to retirement or pre-retirement (working less hours but still earning money)?

How will you adapt to saving for your retirement to spending your hard-earned pension and savings. This is a major mental shift - you spend 40 years financing a retirement and now you can actually start spending it!

What else concerns you about retirement – loss of ego, purpose, fulfilment, friendships, challenges or just doing something totally different without a work routine?

If you need somebody independent and totally confidential to give you a different perspective about the non-financial aspects of retirement, please get in touch with me neil@nvwsolutions.co.uk or have a look at my website

LifestyleHope Marshall